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5 Biggest Mistakes College-Bound Families Make

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Hosted by
Tom Martin

Kids today are graduating with too much debt, and it’s having a profound impact on their daily lives and spending habits. Those with student debt are delaying major life decisions such as buying a home, getting married, starting a family, saving for retirement, and even entering into a career field of their choice.

Mistakes made around college and student loans are costly. If you’re a college-bound parent, please don’t leave this life-altering decision to your children. They need guidance more than ever.

Welcome to the Episode #1 of the College Wealth Advisor Podcast. In this episode I dive into the 5 Biggest Mistakes College-Bound Families Make. As a financial planner that specializes in working with the college-bound, I feel uniquely qualified to share some of the biggest financial mistakes I see, that knock their kids out of financial aid.

Now before you leave and say, “We’re not going to get financial aid anyway”. Let me first share that I see families earning $150K+ a year get awarded with need- and merit-based aid.

Here are the 5 Biggest Financial Mistakes College-Bound Families Make that cause a family to have to pay full price for college and graduate with too much debt. Enjoy Episode #1:

Here’s a glance at this episode:
[03:45] – Mistake #1
[20:25] – Mistake #2
[23:00] – Mistake #3
[33:00] – Mistake #4
[43:50] – Mistake #5

Click here to listen!

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Want to take a deep dive into smart money moves to maximize financial aid, minimize student debt, and make the most of your money? Join our “How to Pay for College” webinar. Find upcoming webinars

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Links mentioned in this episode

  • College Wealth Advisor, College Pre-Approval Worksheet (download link to follow)
  • Sallie Mae, How America Pays for College 2021
  • College Board, Education Pays 2021
  • IRS, EFC Calculation

Personal finance is just that, personal. Results will vary from family to family. For the best results start planning your finances for college in 7th, 8th, or 9th grade.

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Episode 1